The article linked below divides the cohort of ASX copper stocks from Friday’s article (see Post # 78370848) into 3 groups based upon their current long term trends: Long term uptrend, Neutral long term trend, and Long term downtrend. As a trend follower, he can only buy stocks in uptrends.
I have pulled out just the information on FireFly Metals Ltd.
"FFM has only just reappeared as a Feature Uptrend in my daily ASX ChartWatch Scans on 18 March ($1.075 candle close) – having been absent from it since October 2024.
I note recently established short and long term uptrends, but mixed price action and candles until the most recent rally out of the long term uptrend ribbon.
These factors are consistent with recent demand-side control, but the up-side gap and run on 18 March suggests the demand-side is growing increasingly motivated.
Clearly, FFM’s technicals are also less clear than those of SFR and EVN, and perhaps even than NEM with respect to the degree of short and long term demand-side control being exhibited. It is critical that strong demand-side candles and price action are maintained from here, or the risk is the price reverts to the choppy price action FFM has shown for much of this year.
The key zone of demand is the short term uptrend ribbon, and beneath it, several troughs logged in the long term uptrend ribbon through February and March. FFM’s short term uptrend is intact until its price closes below these levels, and more broadly, its long uptrend is intact until its price closes below the long term uptrend ribbon.
If the FFM price can close above the recent 20 March $1.10 point of supply, there are points of supply from November-December 2024 to contend with at $1.20 and $1.185. Beyond these, however, there are few points of supply to contend with until the October 31 major peak at $1.38.
In conclusion, indications of strong demand-side control are weaker here than in the previous charts, but they are improving. A close above $1.10 would improve the upside potential significantly."
These are only my thoughts and it does not constitute investment advice. Before acting on any information you read and before making any financial or investment decisions, you should always consult your advisor(s) or other relevant professional experts.
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